The other major airlines will be charged higher premiums to make up for the slack created by the PBGC assuming United's debt, and they in turn will then be 'forced' to apply for protection and will walk away from their pension plans, shouldering the PBGC with even more payments and debt.

He doesn't discuss the Bush administration's encouragement of these bankruptcies as part of its union-busting campaign against the airline unions, but it does reflect that even conservatives can admit the hypocrisies involved in "free market" ideology, when private shareholders keep the profits in flush times and taxpayers get stuck with the bills when they fail.

"Personal responsibility" is only for small fry nailed to the wall by credit card companies under the new bankruptcy law; big-time shareholders get to just walk away from their debts such as pension obligations during corporate bankruptcy proceedings.